COAL baron Nathan Tinkler's private company Mulsanne Resources is in liquidation after failing on Tuesday to come up with $28.4 million owed to listed coal junior Blackwood Corporation.

The New South Wales Supreme Court appointed Ferrier Hodgson as liquidators, after settlement negotiations, which had been going on for the past fortnight, failed.

Mulsanne, a shelf company of which Mr Tinkler is a director, this year agreed to take up 95 million shares in a placement at 30¢ a share - then a 50 per cent premium to the prevailing share price - to fund Blackwood's exploration campaign. The share placement would have given Mr Tinkler a 34 per cent stake in Blackwood. Blackwood shares slumped 4¢, or 22 per cent, to 14¢ after the liquidation was announced.

Mr Tinkler has faced a series of legal actions against various of his private companies but has managed to settle each time and avoid liquidation. But Mulsanne did not come up with the money it owed Blackwood and if a liquidator finds it has not had enough assets to cover the Blackwood liability, Mr Tinkler could be charged with insolvent trading.

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A Tinkler Group spokesman said the liquidation of Mulsanne would not affect its other companies, which include Hunter Ports, International Ports and Logistics, Hunter Sports Group and Patinack Farm.

''The liquidation of Mulsanne Resources does not affect any other part of the Tinkler Group,'' he said.

In recent legal action, Mr Tinkler's Ocean Street Holdings and Buildev Group completed the $18 million purchase of an industrial site in Newcastle from a subsidiary of developer Mirvac, after being ordered to settle by the NSW Supreme Court. His Tinkler Group Holdings and Hunter Sports Group also settled a $2 million dispute with contractor Sedgman.

Last week, Mr Tinkler's troubled thoroughbred stud Patinack Farm avoided liquidation after settling disputes - said to be worth ''millions'' combined - with the NSW Office of State Revenue, the Tax Office and WorkCover.

On Monday, Tinkler Group Holdings, Mr Tinkler's main private entity, is believed to have paid $345,000 owed to Gilbert and Tobin, but it has yet to pay a further $145,000 owed to security firm Internet Fraud Watchdog.

Turnbull Hill lawyer John Woodward said that Internet Fraud had applied to replace the Officer of State Revenue as petitioning creditor in wind-up proceedings against Tinkler Group Holdings.

Mr Tinkler has faced intense speculation on his financial position as weak coal markets and uncertainty halved the share price of Whitehaven Coal, his biggest investment. Mr Tinkler owns 19.4 per cent of Whitehaven, but since its April merger with his private Boardwalk Resources and listed Aston Resources, the company's shares fell from $5.58 to $2.82 on Tuesday, taking the value of his Whitehaven stake from $1.1 billion in April to $556 million.